Robert Shiller, a Nobel Prize-winning economist from Yale, has made a bold assumption really in affirming that Bitcoin could be extinct within the next 100 years. To explain his line of thought, he drew a parallel between cryptos and dinosaurs.
According to him, Bitcoin will not look like what it is today in the future. It will have a different name and will possibly not even exist. With so many hard forks, it will be impossible to compare it to today and it will be a matter of dispute whether it will exist or not.
However, even if the death of Bitcoin is still a hundred years away, it does not mean that BTC will not suffer in the market soon. According to him, there are significant chances that something like Bitcoin topping big prices and then falling will still happen a lot.
He cites 2013 as an example of this. The token reached the value of $1,000 USD and then lost 80% of its value later. It looked like Bitcoin was done for, but it survived. Last year, the same trend happened, though the fallout was not as high as before. The prices surged and went up to $20,000 USD and then they fell to $6,400. However, even now it is still up 233% when compared to the past 12 months.
“It looks like a bubble”, Shiller Affirms
Shiller believes that Bitcoin looks a lot like a bubble because, from time to time, everybody gets hyped about it and then pump a lot of money in it. However, the prices fall later. He does affirm that it is a bubble, though.
What he likes about Bitcoin is the enthusiasm, though. Many people are creating new coins and testing the limits of this new market, which is great for the industry. He firmly believes that, even if Bitcoin is done for in the future, something good will have to come out of this. With thousands of different ones, something is bound to happen.
Shiller also has a funny story related to Bitcoin. He tells the story of when a student wanted to keep his laptop during the final exam of the semester to trade Bitcoin. Inspired by the enthusiasm of the young man, he allowed it.
Robert Shiller was awarded the Nobel Prize in Economics in 2013 for his work on spotting financial bubbles. He admits to be a Bitcoin bear and does not have a lot of faith in the market, but looks to be more positive about it now.